METLEN revenue surges 21% to €6.2B as group maintains growth targets

The company’s revenue reached €6.2 billion, representing a 21% increase compared with €5.1 billion in the corresponding period of 2025 and marking the highest nine-month performance in its history.

Revenue growth was driven by stronger activity across most of the Group’s business segments, while management reaffirmed its EBITDA guidance of between €1 billion and €1.15 billion for the full year 2026.

At the same time, METLEN maintained its medium-term EBITDA target of €1.92 billion to €2.08 billion, despite increased market volatility and temporary disruption to the operations of its natural gas-fired power generation units.

H-Class Power Generation Unit Returns to Operation

One of the most significant operational developments during the nine-month period concerned METLEN’s largest thermal power generation unit, featuring H-Class technology, which remained offline for 44 days following a hydrogen leak in the generator cooling system.

Inspection and repair works were successfully completed, and the unit returned to full operation on 12 October 2026. Its return to service is expected to contribute to the normalisation of the Group’s energy operations.

Overall, METLEN’s electricity generation reached 6.5 TWh in the first nine months of 2026, compared with 6.4 TWh in the corresponding period of 2025. Of this total, 5.9 TWh came from thermal power plants and 0.6 TWh from renewable energy sources.

During the same period, total natural gas supplies reached 47 TWh, serving the Greek and other European markets.

Protergia Maintains Strong Position in the Energy Market

In the energy supply segment, Protergia maintained a strong market presence, with its electricity market share reaching 21.3% in the first nine months of 2026, according to data from the Independent Power Transmission Operator (IPTO).

Total electricity supply amounted to 7.9 TWh, while the company’s customer base reached 628,000 metering points.

In the natural gas market, Protergia’s market share increased to 28.1%, with supplies reaching 2.3 TWh and its customer base expanding to 72,000 metering points.

The Integrated Utility business combines electricity and natural gas generation with supply and trading activities, strengthening METLEN’s position across the entire energy value chain.

New LNG Agreements and Expansion of Energy Storage Portfolio

A significant development is the five-year agreement with PETRONAS, through PETCO Trading (UK) Limited, for the supply of six liquefied natural gas (LNG) cargoes annually, equivalent to approximately 0.6 billion cubic metres of natural gas per year.

The agreement will take effect in 2027 and forms part of METLEN’s strategy to diversify its supply sources and strengthen energy security.

At the same time, METLEN is expanding its energy storage portfolio, with the launch of major battery energy storage system (BESS) projects in Greece and Italy.

The acquisition of Greek energy software company Joule also supports this strategy, strengthening the Group’s digital capabilities in monitoring, optimising and commercially managing renewable energy and storage portfolios.

Progress at METKA and Asset Rotation Initiatives

Particular emphasis is also being placed on developing METKA as an independent infrastructure platform.

In this context, the possibility of listing METKA on Euronext Athens is under consideration, with the aim of supporting its growth trajectory and strengthening its financial autonomy.

Meanwhile, the Group is progressing with efforts to reduce risks associated with the former MPP portfolio.

Key milestones include the achievement of First Fire at the PROTOS Energy Recovery Facility (ERF) in Cheshire, UK, and at the 560 MW combined-cycle gas turbine (CCGT) power plant in Grudziądz, Poland.

Under its asset rotation strategy, METLEN is also advancing the sale of the Tamarico II hybrid solar and energy storage project in Chile to Copec. The project has an installed capacity of 165 MW and storage capacity of 725 MWh.

In addition, the Group’s gallium commercial activities are being strengthened through a new long-term agreement with a major Japanese chemicals company, while METLEN has indicated that further offtake agreements are expected in the coming period.

Evangelos Mytilineos: Operational Excellence and Value Creation Remain Priorities

Commenting on the Group’s performance, METLEN Executive Chairman Evangelos Mytilineos stressed that the company continues to implement its strategy with consistency and determination, capitalising on the strength of its diversified business model and the capabilities of its workforce.

He noted that the Group’s key priorities remain disciplined execution of its targets, operational excellence and the creation of sustainable long-term value.

Despite the challenges and fluctuations in the business environment, management expressed confidence in METLEN’s ability to respond to market developments and deliver on its commitments.